This article is for informational purposes only and does not constitute investment advice. Always do your own research (DYOR) before making any financial decisions.

According to Cointelegraph, Strategy — the publicly traded business intelligence firm formerly known as MicroStrategy — completed its 100th Bitcoin purchase on February 23, 2026. The company acquired 592 BTC for approximately $39.8 million, at an average price of $67,286 per coin, inclusive of fees and expenses.

The purchase was disclosed in a filing with the US Securities and Exchange Commission. Strategy funded the acquisition by selling 297,940 shares of its Class A common stock through its at-the-market offering program between Tuesday and Sunday of the prior week, generating net proceeds of about $39.7 million. The company's total Bitcoin holdings now stand at 717,722 BTC, acquired at an aggregate cost of $54.56 billion. Executive Chairman Michael Saylor previewed the milestone on X with a chart of all prior purchases under the caption "The Orange Century."

The 100th purchase arrives as Strategy continues weekly acquisitions despite Bitcoin trading below the company's overall average cost basis of $76,020 per coin. The current holdings of 717,722 BTC carry a market value of roughly $47.5 billion — a gap of about $7 billion relative to cost. That gap reflects the degree to which Strategy's balance sheet remains exposed to Bitcoin price movements.

According to Strategy's Q4 2025 earnings release, the company raised $25.3 billion of capital in 2025 alone to support its Bitcoin treasury, making it the largest equity issuer among US public companies for two consecutive years. The company recorded an unrealized loss on digital assets of $17.4 billion in Q4 2025, reflecting Bitcoin's decline from its late-2024 peak. Despite that, Strategy has not sold any Bitcoin since adopting its treasury strategy in August 2020.

Strategy's century of purchases reflects a wider shift in how public companies view Bitcoin as a reserve asset. As we previously analyzed in our coverage of 100 reasons supporting Bitcoin national reserves, the case for Bitcoin as a store of value has been cited by both sovereign and corporate entities to justify long-duration holdings.

The corporate trend extends well beyond Strategy. FinTech Weekly reported in September 2025 that 61 publicly listed companies had adopted Bitcoin treasury strategies, with their collective holdings reaching 848,100 BTC in the first half of 2025 — roughly 4% of total Bitcoin supply. Corporate treasuries expanded holdings by 31% throughout 2024, then nearly doubled in the first two months of 2025. In Q2 2025 alone, public companies acquired approximately 131,000 BTC — outpacing spot Bitcoin ETFs, which added 111,000 BTC over the same period.

For traditional financial institutions, the sustained pace of Strategy's acquisitions — 100 purchases across six years and multiple market cycles — provides a data set of an entirely new capital structure model. Whether that model withstands a prolonged bear market below its cost basis remains the central question for CFOs weighing similar treasury positions.